At the end of 2023, ABC Corp. performs a physical inventory count showing the cost...
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Accounting
At the end of 2023, ABC Corp. performs a physical inventory count showing the cost of its ending inventory is $5,000 higher than its current Inventory account balance
Which of the following shows the correct response for what ABC should do because of this difference?
- It should credit its Cost of Goods Sold account by $5,000.
- It should credit its Inventory account by $5,000.
- It should debit its Sales Revenue account by $5,000.
- It should not make a journal entry.
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